"We posted a great quarter reflecting outstanding results for our beer business as well as wine and spirits performance that was generally in-line with our expectations," said Robert Sands, president and CEO, in a statement. "Within our beer business, we continue to capitalize on our industry-leading performance and excellent retail execution across our entire Mexican beer portfolio.”

Shares of Constellation Brands (NYSE: STZ) were trading midday at $91.12, up 3 percent from Tuesday’s close of $88.38. Earlier in the day, the stock hit a 52-week high at $94.77.

Driving the growth was the acquisition last June of Grupo Modelo S.A.B. de C.V.’s U.S. beer business from Anheuser-Busch InBev SA for some $5.3 billion.

The increase in consolidated net sales was driven by $868 million of incremental net sales related to the consolidation of Crown Imports` commercial beer business, the company reported. For the quarter, net sales for the beer segment increased 14 percent, primarily due to volume growth driven by strong consumer demand.